Chiara Bianchi
Metaplanet, a publicly traded company based in Tokyo, has successfully concluded its 11th stock acquisition rights offering, raising ¥10 billion (approximately $66.2 million) from a mix of individual and institutional investors.
Announced in August 2024, the fundraising was completed in just two months. The capital raised will be channeled towards expanding Metaplanet’s Bitcoin holdings, strengthening its position within the cryptocurrency market.
The announcement, shared on X (formerly Twitter) on October 22, highlighted that over 13,700 shareholders participated in the round, leading to a 72.8% exercise rate. This strong shareholder participation underscores confidence in the company’s ambitious Bitcoin strategy.
*Metaplanet Announces Results of Stock Acquisition Rights Exercise* pic.twitter.com/MquO6JFNEX
— Metaplanet Inc. (@Metaplanet_JP) October 22, 2024
Metaplanet’s stock offering also attracted attention from major institutions, including global asset manager BlackRock, which oversees $11 trillion in assets. The unexercised rights from the offering were transferred to EVO FUND, which has committed to exercising them by October 22. This institutional backing is expected to support Metaplanet’s continued Bitcoin acquisition, positioning it among the leading corporate holders of the cryptocurrency.
Investor Confidence Amid Economic Uncertainty
The strong investor turnout reflects growing confidence in Metaplanet’s strategy to use Bitcoin as a hedge against economic uncertainty. This approach mirrors that of MicroStrategy, a U.S.-based firm known for its significant Bitcoin reserves. Simon Gerovich, CEO of Metaplanet, expressed gratitude to the shareholders for their support, emphasizing the company’s goal of becoming a leading Bitcoin treasury.
“We appreciate the trust our shareholders have shown, reinforcing Metaplanet’s commitment to financial innovation through a corporate Bitcoin reserve,” Gerovich said.
Steady Accumulation of Bitcoin Reserves
Since adopting Bitcoin as part of its strategy in May 2024, Metaplanet has been steadily increasing its holdings. Over the past six months, the company has acquired around ¥1 billion worth of Bitcoin per purchase. Currently, Metaplanet holds 861 BTC, valued at approximately ¥8 billion, establishing itself as one of the top three corporate Bitcoin holders in the Asia Pacific region. The latest acquisition, made on October 15, added 107 BTC to its growing portfolio.
Bitcoin Market Volatility Seen as an Opportunity
The completion of the stock acquisition rights offering coincided with Bitcoin’s price fluctuations, retreating from a high near $69,000 to around $67,587, according to CoinMarketCap. Despite these price swings, Metaplanet is unfazed, viewing the dips as opportunities to acquire more Bitcoin at favorable rates, reinforcing their belief in Bitcoin’s long-term value.
Metaplanet’s continued investment in Bitcoin reflects a bold approach to hedging against global economic risks, aligning with a broader trend among corporations adopting Bitcoin as a key asset in their financial strategies.
